The entrepreneurial innovator is more likely to relate with breaking old-fashioned monoculture industries. But building the modern knowledge economy entails developing a sector that generates new knowledge, provides for new services, sustains knowledge-intensive firms, and generates innovation—with and for those industries. So, here we are presenting to you The Industry Innovation & Infrastructure.
Earl Holder of the University of Pennsylvania, author of Innovation Nation: What Economic Growth Can Achieve, has called this initiative “industry innovation and infrastructure development.”
One of its main successes has been the development of manufacturing and industry in the United States. The infrastructural improvements provide both stability and strength to established industries while encouraging innovations.
Docking is a crucial technology to encourage innovation and competitiveness. In addition to ships, cargo docks can serve aircraft and rail-based industry. That is why the industry would do well to facilitate such research and development.
Innovative infrastructure and infrastructure technologies allow new knowledge to build innovation, industry, and products. Among other advantages, the sector creates knowledge networks that can offer the expertise needed to develop a broad range of new technologies and services.
- The knowledge tends to create innovation, allowing a business to generate a new product or service and innovate to gain market share. By themselves, these businesses cannot generate new knowledge. So they must bring in an innovation-focused innovation industry to develop the necessary expertise and learn from industry experts.
- Then they can teach their knowledge to new entrants and increase competition within and between industry innovation and infrastructure sectors.
The industry’s competitive edge depends on both the level of the sector and the strength of its infrastructural capabilities.
Industry competitiveness is not based just on industry innovations but also on the competitiveness of the infrastructure.
In other words, it is not just innovation that leads to competitiveness, but the market competitiveness of the entire industry sector and the quality of the infrastructure.
For the industry sector, this is more important because its main contribution to knowledge and industry is innovation and industry infrastructure.
Value of Knowledge
With new knowledge, the efficiency and sustainability of the industry are improved, while competitive innovations provide value that is the core of a competitive industry.
As an example, new industry innovations may also have environmental effects that improve environmental quality. But will not lose the value of the knowledge underlying them because the industry sector has invested in innovation infrastructure and processes.
The knowledge economy consists of innovation in the industry through innovation infrastructure. Some knowledge is carried out in industry infrastructure.
However, in the innovation economy, knowledge can create value for other industries.
- Industry innovation can produce innovative products and services that provide value to other firms.
- Innovation can help create new knowledge that can drive industry innovation.
- Industry, and the industrial infrastructure supporting industry, create the environment and capacity for innovation in the knowledge-intensive manufacturing sector.
While industry innovation defines as creating new knowledge that results in new products and processes, knowledge could also value other industries.
In this way, a knowledge-intensive industry creates value for all sectors by providing a broader market and new value products and services.
It isn’t easy to estimate the value of new knowledge. But industry innovation has produced new knowledge that creates new industries and value for all sectors. Its contribution to the value of other drives is dependent on the value of the knowledge involved in that industry innovation.
The knowledge of the industry is the heart of industry development.
Industry innovation infrastructure has two main components.
First, There is the knowledge industry infrastructural base. Next, there are knowledge-intensive industries.
The knowledge infrastructure is the process and product value of knowledge. In this process, value is created that creates value for a new knowledge-intensive industry.
- It provides knowledge to the knowledge-intensive industry needed to build products and processes valuable to that industry. Thus, industry innovation and knowledge infrastructure represent a system that can have important direct effects on each other and the value of both industries.
So the role of knowledge infrastructures is more than providing information and being part of the industry’s value, the central value generating process.
Knowledge infrastructures involve the process of creating value for other industries and knowledge-intensive sectors, creating new knowledge. And when companies invest in knowledge infrastructures, they contribute to creating new knowledge that drives industry innovation.
The second component of industry innovation infrastructure
It is the knowledge industry infrastructural base. Knowledge infrastructure consists of an industrial framework that supports industry innovation and knowledge infrastructure. There are existing industrial infrastructures supporting industry innovation. These industries represent what refer to as industry innovation infrastructure.
An example of a new knowledge-intensive industry is solar photovoltaic technology, an industry innovation, innovation in solar energy products, and knowledge infrastructure for this industry.
Value Generating process:
New and valuable industries and knowledge create new value that is required to drive industry innovation. Therefore, the fundamental role of industry and expertise in generating industry value are closely linked. The knowledge industries create new value in the knowledge economy. This new value is the central value-generating process.
Knowledge and industry innovation infrastructures can produce knowledge and new knowledge.
In the case of industry innovation infrastructures creating new knowledge is the central focus. Research and development (R&D) funding for industry innovation infrastructures is usually aim at generating new knowledge. But some companies use R&D funding only to stimulate and support the development of new knowledge.
And within industry innovation, some companies are in direct contact with knowledge infrastructures. Within industry innovation infrastructure, the strategic intent is to promote new knowledge and innovations. When industry innovation infrastructures are design, investment is a key aspect.